FT News Briefing The battle for EV batteries in US speeds up
4 snips
Nov 2, 2023 The Federal Reserve maintains interest rates at a 22-year high while humanitarian efforts in Gaza see a limited opening into Egypt. Meanwhile, the U.S. is experiencing fierce competition for EV manufacturing investments, with the Southeast challenging the Midwest's traditional dominance. Toyota's substantial investment in battery production highlights this shift. Additionally, the influence of unions and recent legislation are shaping the landscape of electric vehicle manufacturing in the U.S., impacting future investment strategies.
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Rafah Crossing Opens
- The Rafah Crossing between Gaza and Egypt has opened for the first time since the war began, allowing some wounded Palestinians and dual nationals to leave.
- Despite this development, the humanitarian situation in Gaza remains dire due to limited aid and ongoing bombings.
Southeast EV Hub
- The US Southeast is becoming a hub for electric vehicle manufacturing, challenging the traditional Midwest auto industry.
- This shift is driven by foreign investments incentivized by the Inflation Reduction Act and the Southeast's loose labor laws.
Florence Battery Plant
- Amanda Chu visited a former cotton field in Florence, South Carolina, now being transformed into a battery factory.
- This exemplifies the large-scale investments reshaping the region, driven by foreign companies like Envision AESC.